H1 2024 Life Sciences Update Market Summaries

UK: Cambridge

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Market Summary

Public & Private Funding (2024 1H)

Rent vs. Vacancy Comparison

• Occupiers are more regularly focusing searches on locations that have greater scale, allowing them to grow within a park or area. • There is a greater shift in demand toward fully fitted labs—or turnkey solutions—as it allows speed to occupation and for the capital raised to be invested into the science. • The focus around locations with large talent pools remains greater than ever. • Take-up for the first half of 2024 was 35% lower than the first half of 2023, with only one deal above 20,000 sf against four deals in the first half of 2023. • Rents are being driven upward due to the low availability of prime purpose stock and the elevated cost of development. • Pipeline supply remains constrained, with only 608,000 sf under construction, of which 53,000 sf is under offer or pre-let.

Fast Lab Stats

£0 £10 £20 £30 £40 £50 £60 £70 £80 £90

7%

£ Raised (MM)

Company

Deal Type Completed VC Round

4.2 MSF Market Square Footage £77.00 £ Per SF 1.32% Vacancy 18.2K Total Life Sciences Employment 37.7% Life Sciences Employment 10-Year Growth Rate

6%

Apollo Therapeutics Later Stage VC Jan 2024 2nd Round

£260.0

Vacancy Rate

5%

Mission Therapeutics Later Stage VC Mar 2024 5th Round

£55.8

4%

Biofidelity.

Later Stage VC Apr 2024 4th Round

£24.4

CN-Bio

Later Stage VC Apr 2024 6th Round

£21.0

3%

WaveBreak

Later Stage VC Apr 2024 4th Round

£16.1

2%

STORM Therapeutics Later Stage VC Jan 2024 7th Round

£13.0

1%

Biosceptre

Later Stage VC Feb 2024 6th Round

£10.2

Prime Headline Asking Rent £/sf

0%

EpilepsyGTX

Seed Round

Jun 2024 2nd Round

£10.0

2018

2020

2022

2024

Origin

Later Stage VC Apr 2024 5th Round

£9.8

Asking Rents Overall Vacancy * Rents adjusted to reflect occupier costs of office to lab conversion

Qureight

Later Stage VC Apr 2024 3rd Round

£8.5

Representative Investment Sale Transactions (2024 1H)

Representative Life Sciences Companies

Life Sciences Labor: Average Monthly Job Postings

Address

Type

£ MM RBA SF

Date Buyer

Company

Type

300

Chesterford Research Park (50% Interest)

Lab

Conf.

328,642 Marketing TBC

Global HQ & R&D – Cambridge Biomedical Campus UK HQ – Granta Park Global HQ – Cambridge Biomedical Campus

AstraZeneca

250

Illumina

200

Representative Lease Transactions (2024 1H)

Abcam

150

Company

Address

Size (SF) New/Renewal

Type

Quarter

Landlord

UK HQ – Cambridge Science Park

Amgen

100

Expression Edits

Babraham Research Campus Cambridge Science Park Cambridge Science Park Cambridge Science Park Cambridge Science Park

1,905 New

Wet Lab Wet Lab Wet Lab Dry Lab Dry Lab Wet Lab Wet Lab

Q2 Q2

Bavraham

UK R&D – Chesterford Research Park UK R&D – Babraham Research Campus

Biofidelity

980 New

Trinity Collage Trinity Collage

Charles River

50

CS Genetics

7,533 New 14,106 New 12,500 New 10,825 New 31,277 New

Q1 Q1 Q1 Q1 Q1

-

Sanofi

OTPP

Advanced Micro Devices Pragmatic Semiconductor

2020 2021

2022 2023 2024

Trinity Collage Howard Group Howard Group

Vianautis

Unity Campus Unity Campus

Welbeck Health Partners

• Cambridge University • NIHR Biomedical Research Centre • Wellcome Trust Bio Degree-Awarding Institutions, Metro Area

Harry Blanshard harry.blanshard@cushwake.com Contributors Rory MacGregor rory.macgregor@cushwake.com

• Cancer Research UK • Babraham Institute • Medical Research Council

Sources: Cushman & Wakefield Research, CoStar, National Institutes of Health (NIH), Lightcast, Pitchbook, Federal Reserve Economic Data (FRED)

CUSHMAN & WAKEFIELD

LIFE SCIENCES UPDATE | 2024 SEPTEMBER